The three-year contract offered by management would have cut musicians salaries’ from an average of $136,000 a year under the old contract to $104,500. Each musician also would also have received a $20,000 signing bonus.

After the vote Saturday morning, Doug Wright, a member of the musicians’ negotiating team, said the proposal will not keep their finest players there.

Musicians were locked out Oct. 1, 2012.

In a statement, a representative said the Minnesota Orchestra board was “disappointed” that the musicians rejected the contract, the fourth that management had proposed.

Minnesota Orchestra spokesman Blois Olson said talks were still occurring this weekend and called the situation “very fluid.”